Sony Reap Benefits from PlayStation 3 Price Cut; Pumps up Sales

Sony’s decision to cut the price of its already popular gaming console Playstation 3 has spurred a hike in sales at several retail outlets.

Sony has sold about 50 million PlayStation 3 consoles worldwide since launching it in November 2006 in comparison to Microsoft Xbox 360’s 55 million and Nintendo Wii’s 88 million units, according to Jack Tretton, Sony Computer Entertainment America CEO.

PS3 has been the top selling gaming console on Amazon.com and held four of the top five spots on Amazon's Movers & Shakers list on Wednesday.

"The new price will make PS3 more accessible than ever before," Tretton said.

Wedbush Securities analyst Michael Pachter said PS3 sales could increase 20 to 30 percent and may force Microsoft to cut the price of its own console. He said it was a bold move by Sony to cut the price before the holiday shopping season.

Electronic Entertainment Design and Research analyst Jesse Divnich predicted Microsoft will analyze the commercial impact of the price cut before making any adjustments to the price of its own gaming consoles and estimated that HD game sales will rise 14 to 19 percent this holiday season.

Elsewhere, Sony announced a deal with DirecTV to bring its NFL Sunday Ticket package to the PS3 on Wednesday. People who don’t have an access to DirecTV can subscribe for $339.95 for the season. Existing DirecTV-Sunday Ticket customers can add the service to their PS3 for $50.

The deal was announced by Sony Senior Vice President Philip Rosenberg, according to a USA Today report.